With truck prices at or higher than the price of some new homes, it’s important that you examine all of your semi truck financing options before committing yourself to what are sure to be some hefty payments.
In additional to traditional dealer and bank financing , the Internet has opened up some new channels for obtaining financing that may not have existed when you bought your last truck.
Applying online for financing gets your application in front of multiple lenders and gives you the best chance of getting the most favorable interest rates and repayment terms. That’s because lenders are in the business of making money and, unless you find a way to let them know that they are competing for your business, they will try to give you commercial truck loan terms that are most advantageous to them. When you apply for loans online, you’re putting those lenders on notice that you’re in the market for the best deal.
Many of the online lenders are the same ones that have been providing financing for years, and they’re the same ones that would charge you more if you walked into their offices directly. The only real difference is that in the pre-Internet days, it would have taken weeks, or even months, to research as many sources as you can find online in just a few minutes.
Applying online is the fastest and easiest way to get a loan. The application process is quick and easy, and online applications can be approved in minutes, in some cases, with the funds being wired directly to the seller without you even having to pick up and deliver a check.
Completing and submitting an online semi truck finance application takes but a few minutes. Not only can you submit your application to one or more personally selected lenders, you also have the option of submitting your online application to a broker who specializes in negotiating with semi truck finance companies and banks on your behalf.
If you have excellent credit, a semi truck financing broker can get you the lowest available interest rate. If your credit is less than perfect or even sub prime, an online broker may be your only chance of getting semi truck financing at all.
Tell your broker that you want semi truck financing offers from two, three or more lenders. Then let him or her do all of the work. When the offers arrive, review each one carefully before you make your final decision.